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If I am a beneficiary of a CD in Maryland will that money be…

Customer Question
If I am a...

If I am a beneficiary of a CD in Maryland will that money be taxable to me after the owners death?

Lawyer's Assistant: What documents or supporting evidence do you have?

None just listed as beneficiary on the CD

Submitted: 6 months ago.Category: Estate Law
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Answered in 6 minutes by:
12/7/2017
Estate Lawyer: Lucy, Esq., Attorney replied 6 months ago
Lucy, Esq.
Lucy, Esq., Attorney
Category: Estate Law
Satisfied Customers: 32,264
Experience: Lawyer.
Verified

Hi,

My name is ***** ***** I'd be happy to answer your questions today.

Maryland is one of a handful of states that does have an inheritance tax, meaning you could be required to pay state taxes on the money. However, spouses, siblings, and parents are exempt from having to pay. If the current owner is related to you in one of those ways, the tax would be waived. Otherwise, it's currently 10%.

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